Published by Aaron Task on January 29, 2015
Bitcoin is an “exciting new technology” but Bill Gates doesn’t think it’s a proper tool for the world’s roughly 2.5 billion ‘unbanked’ poor. “We don’t use bitcoin specifically for two reasons,” Gates said Wednesday during a Reddit ‘Ask Me Anything’ session. “One is that the poor shouldn’t have a currency whose value goes up and down a lot compared to their local currency. Second is that if a mistake is made in who you pay then you need to be able to reverse it so anonymity wouldn’t work.”
Those are “valid criticisms,” according to Wall Street Journal reporter Paul Vigna, but should not detract from bitcoin’s huge potential to fundamentally change the world of finance.